Wholesaling HUD homes has anyone here had success with that?

6 Replies

Hi I am still a newbie looking for my first deal, and I have recently discovered HUD homes. from what I understand there is no limit to how long you have to hold a property before you can sell it. I was curious if anyone has wholesaled one and if you can give a run down of the process. Thanks

I would stay away from trying to wholesale listed properties until you have a lot more experience. It's become very difficult to wholesale anything that's listed as the banks have adapted and competition has increased. 

In my opinion, you would be much better off focusing your time and energy on finding unlisted properties. 

I've wholesaled lots of HUD homes and there's money to be made if you know what you're doing. I haven't done one in quite a while though, nothing in my area has been priced well enough to wholesale.

@Adrian Valdez unless you double close or sell a trust that made the offer you cant assign the contract. This isnt a way to start out, and you risk losing a large ernst money if you can not perform. 

Sean Terry had a course teaching people about flipping HUD homes in the past... I'm not sure how effective it is in today's market since the market has changed a bit...best of luck

@Adrian Valdez I wholesale HUD homes all the time. There's nothing to it.

From what I understand you can add a buyer onto the paperwork before you take title  -

@Wendell de Guzman has a thread on this - but as far as holding onto a property for an unlimited amount of time... that must be incorrect as I know HUD wants to sell off their inventory.

Originally posted by @Jeremy Tillotson :

@Adrian Valdez unless you double close or sell a trust that made the offer you cant assign the contract. This isnt a way to start out, and you risk losing a large ernst money if you can not perform. 

 Not true.  

1 - No need to dbl close

2 - As long as the offer is made with financing, your $500 EMD is fine...during the 45 days to close period. If you offer with cash, then it's only good during the 7 day inspection period.

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